New policy will transform Maharashtra into globally competitive jewellery hub: Industry body

Mumbai, Nov 13 (PTI) An apex industry body of exporters on Thursday welcomed the Maharashtra government's new gems and jewellery policy, saying it will accelerate the state's transformation into a globally competitive jewellery hub.

The Gem and Jewellery Export Promotion Council (GJEPC), supported by the Union Ministry of Commerce and Industry, described the policy as a historic milestone that strengthens the backbone of India's jewellery economy.

The Maharashtra government on Wednesday announced its Gems and Jewellery Policy 2025, aiming to attract investments of Rs 1 lakh crore and create 5 lakh new jobs in the sector over the next five years.

According to a government resolution (GR) issued by the industry department, the policy envisages financial incentives of an estimated Rs 1,651 crore during the 2025-30, with an additional Rs 12,184 crore allocated for the subsequent 20 years (2031-2050), bringing the total outlay to Rs 13,835 crore.

"The Maharashtra Gems and Jewellery Policy 2025 is a historic milestone that strengthens the backbone of India's jewellery economy. By prioritising manufacturing, innovation, and MSME empowerment, it will accelerate Maharashtra's transformation into a globally competitive jewellery hub," GJEPC chairperson Kirit Bhansali said.

He noted that the policy's emphasis on skilling, technology, and ease of doing business will help drive India closer to its vision of achieving USD 100 billion in gem and jewellery exports by 2047, the 100th year of its independence.

Maharashtra has long been the epicentre of India's gems and jewellery trade, home to the country's largest diamond, gold, and jewellery manufacturing hubs, Bhansali pointed out.

"The state contributed USD 19.5 billion, accounting for 68 per cent of India's total gem and jewellery exports of USD 28.7 billion in 2024-25. With the launch of this policy, the sector is poised for a major transformation that will further strengthen Maharashtra's global dominance," he stated.

The policy positions Maharashtra to emerge as a global powerhouse in gems and jewellery, Bhansali maintained.

"Key initiatives such as the India Jewellery Park Mumbai (IJPM), expansion of Bharat Diamond Bourse (BDB) and SEEPZ, and creation of common facility centres will boost value addition, efficiency, and international competitiveness of the industry," the GJEPC chairperson opined. PTI SM RSY